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Inflows into spot Bitcoin ETF have reached closer to $1 billion in the first four trading days this week, with BlackRock iShares Bitcoin Trust (IBIT) dominating most of the flows. This shows a strong pick-up in BTC institutional interest, despite the BTC price being on a falling trajectory this week. Amid continuous inflows, the AUM for IBIT has now crossed $73 billion.
BlackRock Dominates Bitcoin ETF Inflows
After last week’s outflows, spot ETFs for Bitcoin in the US have seen net inflows so far this week, clocking $970 million in net positive flows, reported blockchain analytics platform Santiment. On Thursday, BlackRock’s IBIT managed to scoop an additional 2,681 BTC worth $288 million while clocking a strong $2.2 billion in daily trading volume.
Source: Santiment
Earlier this week, BlackRock’s IBIT reached $70 billion in assets under management (AUM), which has now surged to $73 billion, despite the falling BTC price. Out of the $970 million inflows across all US issuers, IBIT alone has contributed to more than $900 million, as per data from Farside Investors.
As of now, IBIT holds a total of 666,842 BTC, while the IBIT share price has been consolidating above $60 levels. Since its inception, IBIT has already given more than 150% returns to investors. Apart from IBIT, other Bitcoin ETF issuers witnessed negative flows. For e.g. Fidelity’s FBTC saw $197 million outflows on Thursday, while Ark Invest’s ARK saw $10.7 million in outflows.
Overtaking Gold ETFs
The BlackRock ETF IBIT is already challenging the once dominant market players, challenging Gold ETFs, and other S&P 500 ETFs, which have been on the top list for years.
During his recent talk, Blommberg’s Senior ETF strategist Eric Balchunas projected a dramatic surge in Bitcoin ETF assets under management (AUM), forecasting they will eventually triple the size of gold ETFs and exceed $1 trillion.
The analyst noted a shift in market focus, stating, “No one is talking about gold,” as Bitcoin continues to gain traction as a preferred investment vehicle. However, amid geopolitical uncertainties, the Bitcoin price has now come under pressure as crypto market liquidations soared past $1.1 billion earlier today amid Israel’s military strike on Iran earlier today. It will be interesting to see whether these ETF inflows continue during Friday’s trading session.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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